WEEKLY UPDATE – Swedish stocks gained slightly Friday after a wobbly week marked down by growing fear of deepening fiscal woes in Greece and off-putting US labour data.

The OMX Stockholm 30 index was up 0.25 percent at Friday 3.30 pm and was down 0.45 percent compared to last week. Despite better-than-expected company earnings in the fourth quarter and upbeat macroeconomic outlooks Swedish stocks are in the red since the turn of the year.

“Now we start to hear warning signals”, said Johan Tidestad, head of the Nordic regions largest online stockbroker Nordnet. “I believe that many investors feel it’s time to take a step back as the situation on the stock market is getting more and more wobbly”.

The US Labor Department said Thursday that initial jobless applications jumped to a three-month high, leading to growing concern that the labour situation spells trouble for the recovery from recession.

“We don’t see any job creation coming along. That’s by far our biggest concern”, Michael Mullaney at Fiduciary Trust told the Bloomberg.

The same day credit agencies warned of further downgrades to Greece, which could make it even harder for the country to tackle its debt crisis.

Ericsson, the world's leading mobile phone network providerrose Friday after being chosen by the Nordic telephone operator TeliaSonera to boost fixed broadband network. TeliaSonera declined after its subsidiary Turkcell warned of weaker outlooks.

Sweden’s fourth largest bank Swedbank was up 3.70 percent on rumors that talks with Norway’s DNB Nor have resumed.

Anglo-Swedish drugmaker AstraZeneca rose Friday after raised recommendations by Goldman Sachs.

Lundin Mining plunged Thursday on weak outlooks in its fourth-quarter report.

Garden and construction toolmaker Husqvarna posted lower-than-expected profits Wednesday but the stock closed flat compared to the previous day.

Swedish investors showed lower risk appetite and lower willingness to invest this month than in January, according to Nordnet data. During February Swedish fund savers dumped equity funds and turned to less risky interest funds, according to broker. Investors also sold stocks in order to secure profit.